Friday, March 2, 2018

Nordstrom shares drop on lower-than-expected earnings

As renewed interest swirls around the Nordstrom family’s effort to take
the retailer private, the Seattle-based company reported record sales
but lower-than-expected earnings for its fiscal fourth quarter.

Comparable sales at Nordstrom’s full-line U.S. stores and its
off-price Nordstrom Rack stores were down 1.7 percent and 0.9 percent,
respectively, during the quarter, continuing the mostly downward trend
seen at many retailers buffeted by changing shopping habits and
demographic trends.

Meanwhile, comparable sales at its online properties have grown,
often by double-digit percentages — they were up 12.4 percent at
Nordstrom.com and 23.7 percent at Nordstromrack.com/HauteLook — albeit
from a smaller base.. . . more